Conveyancing Services – What is the parking space levy?

Parking space levy is a levy on off-street commercial and office parking spaces in certain business districts. There are two categories of business districts attracting different rates.

From 1 July 2010, the parking space levy in Sydney, North Sydney and Milsons Point (category 1) increases from $2,000 per parking space to $2,040 per parking space, and the parking space levy in Bondi Junction, Chatswood, Parramatta and St Leonards (category 2) increases from $710 per parking space to $720 per parking space.

Look out for our other articles on conveyancing and property transactions in New South Wales. We are property lawyers in Parramatta providing fixed fee conveyancing services and updates in property law.

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Conveyancing Tips – Introducing the New Housing Concession

From 1 July 2010, the NSW Government introduced the NSW Home Builders Bonus in the form of New Housing Concession, a range of exemptions and concessions for new homes, homes off-the-plan, and vacant land for new homes. The NSW Home Builders Bonus and New Housing Concession also provides exemptions for eligible seniors (aged 65 years and over) purchasing a new home as their principal place of residence.

How much can I save?

For home buyers who do not qualify for the Seniors Principal Place of Residence Duty Exemption, the New Housing Concession will apply in the following scenarios:

If you buy vacant land for not more than $400,000 to build a new home, you could save up to $13,490 in stamp duty.

If you buy a new home as part of an off-the-plan purchase for not more than $600,000 and construction has not started, you could save up to $22,490 in stamp duty.

If you buy an already built new home or a home as part of an off-the-plan purchase for not more than $600,000 and construction has started or is already complete, you could be entitled to a 25% concession in stamp duty and save up to $5,622.50.

Look out for our other articles on conveyancing and property transactions in New South Wales. We are property lawyers in Parramatta providing fixed fee conveyancing services and updates in property law.

Conveyancing Enquiry

For more information on our conveyancing services and quotes on our professional fees, please request a Conveyancing Fees quote. One of our experienced property lawyers will contact you to explore how we can assist you with your property transaction.

Changes to benefits for home buyers

On 30 June 2010, the NSW New Home Buyers Supplement of $3,000 comes to an end. Transactions dated after 30 June 2010 will no longer be eligible for the supplement. First home buyers may still qualify for the First Home Owner Grant (at $7,000) and the First Home Plus stamp duty exemptions and concessions (saving up to $17,990) subject to meeting the eligibility requirements.

Conveyancing Enquiry

For more information on our conveyancing services and quotes on our professional fees, please request a Conveyancing Fees quote. One of our experienced property lawyers will contact you to explore how we can assist you with your property transaction.